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#19932 - 06/06/02 09:25 PM Homeownership Counseling Requirement
Anonymous
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Does this apply to EZ 2nd mtgs. or Home Equity Lines of Credit? I understand it to cover 1st mtgs only. Please clarify.

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#19933 - 06/06/02 09:54 PM Re: Homeownership Counseling Requirement
Anonymous
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It is applicable to ALL all mortgage loans on residential properties -- not just first mortgage loans. Any time the homeowner is at risk of losing their home, the counseling notice requirement comes into play.

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#19934 - 06/11/02 06:40 PM Re: Homeownership Counseling Requirement
Anonymous
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And is this just for conventional long-term mortgages done by servicers or does this include all those 5- 10 & 15-year mortgage loans that banks due in-house?

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#19935 - 06/11/02 08:13 PM Re: Homeownership Counseling Requirement
Andy_Z Online
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Andy_Z
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All. Think about the intent of the requirement. Through counseling the home owner may not lose their home. So applications are broad.
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AndyZ CRCM
My opinions are not necessarily my employers.
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#19936 - 06/12/02 06:52 PM Re: Homeownership Counseling Requirement
Anonymous
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We have been under the assumption that this requirement was for consumer purpose loans. I am assuming, based on the purpose/intent of this requirement, that it can also apply to business purpose loans that are secured by their primary residence?? I cannot find anything that states otherwise.

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#19937 - 06/12/02 09:38 PM Re: Homeownership Counseling Requirement
Rick Tryon Offline
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Rick Tryon
Joined: Mar 2002
Posts: 169
Clinton IN, USA
Your assumption is correct. Purpose doesn't drive this requirement, only the fact that there is a lien (regardless of status) on a primary residence, and the borrower is delinquent.

Opinions expressed are mine, not necessarily my employers. THis is not legal advice.
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Opinions expressed here are mine, not necessarily my employers. This is not legal advice.

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